NACH Debit payments are processed and paid out to merchants on the same day they are charged, or the next working day.
Payment can be created at any time and scheduled for a certain date. If the scheduled date is an NACH working day, that will be the charge date. Otherwise, LotusPay will automatically schedule the payment on the next NACH working day.
NACH working days are identical to RTGS working days. RTGS working days include Monday to Friday, first, third and fifth Saturdays of each calendar month, and exclude national holidays and some other holidays as determined by the Reserve Bank of India (RBI).
This timeline also applies to ACH Debit transactions for those merchants in our Pro Plan who are receiving direct credit of funds.
Pending payments are submitted to the banking system on the charge date, if the mandate is active and if no mandate cancellation has been requested.
For subscription-linked payments:
- The day before the charge date: Subscription creates payment at 9am. You may cancel it during the next 24 hours.
For ad hoc payments:
- Charge date: Ad hoc payment creation deadline is 9am. Note: During the pandemic lock-down this cut-off time is brought forward to 7.30am as the banking system has fewer resources and needs extra time.
Submission: At the cutoff time, LotusPay automatically submits all pending_submission payments (or pending ACH debits) to the banking system.
Response: Responses and funds come on the evening of the charge date, usually between 6pm and 8pm but sometimes this may be as late as midnight. Some payments may also be extended to subsequent working days.